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The Performance of Shariah Compliant Investment Funds in South Africa
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Dissertation
The Performance of Shariah Compliant Investment Funds in South Africa
2018
Overview
The global and South African financial markets landscape has changed and grown over the past 20 years, with a greater number of institutions offering Shariah-compliant products to Muslim individuals and investors. This has resulted from more investors seeking to align their wealth creation with their religious belief system. Shariah imposes certain restrictions and limitations on persons on members of the faith. This article aims to examine how the South African Shariah-compliant mutual funds perform relative to the conventional markets.This minor dissertation empirically investigates the performance of Shariah-compliant funds to conventional funds for the period 01 April 2012 to 30 March 2017. Specifically, the analysis is focused on three objectives. Firstly, the Shariah funds compared to their own respective and proxy benchmarks using simple measures of performance. Secondly, the Shariah funds compared to proxy benchmarks using risk-adjusted measures of performance including the Sharpe ratio, Treynor ratio, Information ratio and Jensen's Alpha. Lastly, Shariah indices relative to traditional market indices are investigated.Twenty-two funds were analysed in the study, all domiciled in South Africa. The funds were split over the five ASISA categories. The study found that multi-asset and income funds underperformed during the period in both the simple and risk-adjusted basis. Equity funds performed on par with the conventional benchmarks on the simple and risk-adjusted basis. REITs and global equity outperformed on both measures. The final empirical examination found that South African Shariah indices underperformed against the traditional market indices for the period.
Publisher
ProQuest Dissertations & Theses
Subject
ISBN
9798708798305
